Looking to buy your first home? Welcome to our First Home Buyers (FHB) hub.
Here we aim to support your home buying journey, demystify the home ownership process, explain features and buzzwords, unveil handy tools, and ultimately help you secure your very first home.
Explore our most competitive home loan interest rates and get into your first home sooner.
^At the end of your fixed rate period the interest rate will revert to the relevant Principal and Interest variable rate. *The comparison rate is based on a $150,000 loan repayable over 25 years.WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. All rates available for new business only and are subject to change without notice. Credit eligibility criteria, terms and conditions, fees and charges apply and may change without notice. Products issued by Southern Cross Credit Union Ltd ABN 82 087 650 682. AFSL and Australian Credit Licence 241 000.
Your budget is crucial to ensuring you stay on track with your home buying goals and servicing your loan. Think of your budget as a reference point, or that internal voice that guides you back to where you need to be.
A well structured budget can have a big impact on your borrowing capacity. Knowing where your money is going will allow you to get ahead and make smart changes to increase your credit score before applying for a home loan. It will also help you understand your ability to repay your mortgage (in banking terms, serviceability), define your price range and save for your home deposit.
There are many ways to start your budget, or rework it. Follow the below resources to help build yours:
Your deposit is the percentage of the total home value you will pay upfront which can be as little 5%.
The size of your deposit is directly linked to your Loan-to-Ratio Value (LVR) which is a lenders calculation based on the percentage you need to borrow against the home value. Interest rates will be more competitive for LVR 80% or lower, allowing you to potentially borrow more money for lower rates, and with lower repayments.
Your deposit will also determine whether you need Lenders Mortgage Insurance (LMI) which is calculated based on your LVR. If providing less than 20% deposit on your home purchase, you will be required to pay for LMI either upfront or as part of your mortgage repayments.
Consider the link below to help see what’s possible for your deposit:
Saving for a deposit is often the hardest part of buying your first home. However, there are some other unavoidable costs to be covered when completing your property purchase. These costs can range from government charges such as Stamp Duty to lending charges like Establishment Fees and Valuation Fees.
Additional investment may be required for your own due diligence process such as pest and building inspection to make sure your new home is sound, solicitor/conveyancer to review your settlement contract, building/house insurance to meet your loan requirements and other smaller costs.
You’ll want to be prepared for these additional costs as well as moving costs and include them in your overall budget:
Extra help can come in many forms for various first home buyers. The most common and accessible is Government First Home Buyer Grants & Schemes. This will go hand in hand with building your deposit and mapping out your parameters for what and where you can buy, including the overall property price. There will be limitations as to what’s available depending on your state, so check out the below to getting a better idea on what’s possible.
Another way to get extra help is by having a home loan guarantor, which is often a family member who offers their own property as additional security for your home loan when you are unable to secure a home loan on your own.
Our lending specialists are also here to give you that extra help and will be happy to clarify and questions you may have. Don’t hesitate in reaching out.
Apply online to get your pre-approval and be ready for when that perfect opportunity comes up. Easy and quick, you can complete our online application in around 20 minutes or save to complete it in patches.
If you need help, call us on 1300 360 744 and our team will walk you through it.
You can apply for your home loan completely online including real-time ID verification, over the phone or in-person by requesting a meeting with one of our lending specialists.
Make sure you check the eligibility criteria and gather all documents required. All our home loans required a 100-point identity check, so make sure you have everything ready to go. If you have any questions, call us on 1300 366 744.
Once your application is submitted, our Lending Specialists will undertake an assessment of our home loan application. Once assessed, your application will be deemed approved, conditionally approved or not approved. Our team will keep you informed throughout this process, and additional information may be required at any stage.
Now the fun part begins! You’ve most likely been looking for properties prior to reaching this stage. Now it’s the time where you can fully commit and secure your new home.
Products issued by Southern Cross Credit Union Ltd ABN 82 087 650 682. AFSL and Australian Credit Licence 241 000. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. Eligibility criteria, fees and charges, terms and conditions apply. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs.
Important: Available for new business only. Offers not available for switching of existing SCCU home loans. Not available through Broker introduced business.
Advertised Interest rates subject to change without notice.
Home Loans (Owner Occupied and Investment)
^At the end of your fixed rate period the interest rate will revert to the relevant Principal and Interest variable rate.
*The comparison rate is based on a loan amount of $150,000 repayable over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
~Variable Interest Only option available for maximum five-year periods reverting thereafter to the P&I variable rate.
Home Loans (Professionals Eligibility Criteria)
Eligible applicants on the professionals list can access premium rates for loans with 80-95% LVR. In addition, these professionals will receive an
LMI waiver for loans up to 90% LVR. To access additional benefits such as premium interest rates and no requirement for Lender’s Mortgage Insurance for loans up to 90% loan to value ratio at least one applicant must be employed as a:
Medical & Health Professional: Anaesthetists, Chiropractors, Dental Practitioners, Dermatologists, General Practitioners, Obstetricians/Gynaecologists, Ophthalmologists, Optometrists, Paediatricians, Pathologists, Pharmacists, Physicians, Physiotherapists, Psychiatrists, Radiation Oncologists, Radiologists, Surgeons, Veterinary Practitioners. Medical & Health Professionals must be a current registered member of the Australian Health Practitioner Regulation Agency (AHPRA). Target Market Determination Premium Fixed Rate Home Loan
Legal & Financial Professionals: Solicitors, Lawyers, Barristers, Actuaries, Financial Analysts, Accountants Finance professionals must be practicing and a current registered member of an eligible professional institute. Legal professionals must be practicing and hold a current certificate with an acceptable state body.
Pay less in interest on your Home Loan with our Easy Access transaction account offset feature, ultimately reducing the amount of interest you pay to help you own your home sooner.
When you link your Easy Access account to your Home Loan account*, the full balance across your Easy Access accounts will offset the amount you owe on your home loan.
For example, if you owe $350,000 on your home loan and hold $10,000 in your Easy Access transaction account for the full month, the interest calculated on your Home Loan will be on $340,000, saving you money.
At the same time, the balance in your Easy Access transaction account is freely available for you to use, just like any other everyday account. Interest is calculated daily and charged at the end of the month, so even if you hold extra money for a few days instead of the whole month, it will still make a difference.
*Excludes business and reverse mortgages.
A split loan gives you the flexibility to divide your home loan into multiple parts. One portion on a fixed rate and the other on a variable rate. It’s a great way to balance stability with opportunity, especially in a market where interest rates can fluctuate.
With the fixed portion, you’ll have the certainty of steady repayments, making budgeting easier. Meanwhile, the variable portion allows you to benefit if interest rates drop, giving you the chance to pay off your loan faster or reduce overall costs.
This option is ideal for those who want the security of fixed repayments while keeping the door open to potential savings with variable rate decreases – although also assuming the risk in case the variable rates increase.
A split loan gives you an alternative to manage your home loan accordingly to your budget and risk appetite. If you would like to learn more about how this option could work for you, give us a call at 1300 360 744 and our lending team will be happy to help you explore how this feature can work for you.
Lenders Mortgage Insurance (LMI) is an insurance to protect lenders (in this case, us) from the potential financial loss if the borrower (in this case, you) are unable to meet the loan repayments and the sale of the property isn’t enough to cover to total loan amount.
LMI is applicable for home loans with LVR 80% and higher, where the loan deposit is less than a 20% of the total loan amount. While it adds to your total costs and in most cases upfront payments, LMI allows you to buy a home sooner without needing a large deposit.
The cost of LMI depends on your Loan-to-Value Ratio (LVR) and loan amount. The higher your LVR, the more LMI you will pay. The good news? Some government schemes and guarantor options can help you reduce or even avoid LMI altogether.
We can guide you through your options, helping you understand the costs and explore ways to get into your home sooner—without unnecessary surprises. Want to know if LMI applies to you? Chat with one of our lending specialists today.
Interest rates can fluctuate, and without locking in your rate, it could change before your loan is finalised. If one of our fixed rate options sounds perfect to you but you still need some time before settlement for your new home loan or is waiting on the date of re-fixing your existing home loan with us, a Fixed Rate Lock can help secure it.
Our Fixed Rate Lock is a home loan feature that can guarantee the fixed interest rate for the term chosen to protect you against rate rises between the time we process your fixed rate lock request and the date of either your new home loan funding or your existing fixed rate loan reaching the end of its current fixed term.
With this feature, you can lock in the fixed rate on offer at the time of application – giving you peace of mind while you wait for settlement. For example, if you love our 3-year fixed rate but have 60 days until settlement, a Fixed Rate Lock ensures you’ll keep that rate, no matter what happens in the market.
This can be a great way to avoid unexpected rate increases, but it’s important to consider any associated fees and charges. If certainty is what you’re after, a Fixed Rate Lock could be a smart move to protect your home loan from rising rates.
Owning a home is a dream for many Australians, and the government offers a range of schemes to help first-time buyers turn that dream into reality.
From the First Home Owner Grant (FHOG), a one-off payment to ease the financial burden, to stamp duty concessions, these incentives vary by state and territory. There’s also the First Home Guarantee, helping buyers enter the market with as little as a 5% deposit, and the First Home Super Saver Scheme, allowing savings through superannuation.
Each program has different eligibility criteria, so it’s worth exploring what support is available in your area before you buy. You can research what schemes and grants powered by the Government are available in your area for first home buyers.
With Allianz, our insurance partners.
Get a quote directly or request one in your home loan application.
A fixed rate stays the same for a set period, from 1 year to up to 5 years, offering predictable repayments.
On the other hand, a variable rate can change based on market conditions, meaning your repayments may go up or down over time. To learn more about these two loan types and see which is right for you read our Target Market Determinatons.
Yes, you can get pre-approval for your home loan.
All you need to do is submit your home loan application and our team will evaluate your application.
For personalised support, please contact us via email or phone on 1300 360 744 and we can book an appointment for you with one of our lending specialists.
Yes, you can make additional repayments across on your home loans. For fixed rate loans, a maximum of $10,000 per year is allowed.
For more details, please visit our specific home loan product pages and review the home loan documentations such as Terms & Conditions, Rate Schedule and Schedule of Fees & Charges under our Product Disclosures page.
We offer loans with an LVR of up to 95%.
A Lenders Mortgage Insurance (LMI) is applicable if your LVR is above 80%, meaning you have less than 20% of your home loan deposit.
A guarantor provides additional security for your home loan, often using their property as collateral. This can help you secure a loan with a smaller deposit or avoid paying LMI. This is part of our application process and will be assessed along with your overall application. Guarantors will also need to provide information including proof of ability to service the loan and 100 points of ID.
The standard deposit for a home loan is 20%, resulting in an 80% Loan to value ratio (LVR). However, we offer loans with deposits as low as 5%, though Lenders Mortgage Insurance (LMI) can apply for deposits under 20%.
You can have up to 8 Easy Access transaction accounts with offset feature linked to your home loan.
This account is free for all our home loan customers.
When looking at home loans, the interest rate isn’t the only number that matters. The comparison rate gives you a clearer picture of the true cost of a loan. It includes the interest rate plus most fees and charges, helping you compare loans more accurately.
Think of it to see what you’ll really be paying over time, rather than just focusing on the interest rate. While it’s a great tool, keep in mind that it’s based on a set example loan, so your actual costs may vary.
From your first transaction to lifelong investments, with you across all financial life stages.
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If you'd like a little extra help, call our team on 1300 360 744.
